This is the table of contents of Internal Revenue Bulletin IRB 2021-27. Click on an entry to view the entry. Items shown under "Highlights of This Issue" open summaries of each IRB-referenced document only. Scroll to Parts I, II, etc. to view the full text versions of each IRB-referenced document. Use the "Keyword Search" option of TouchTax to search the full text of all Internal Revenue Bulletins, including this IRB.
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Transition penalty relief for taxable years that begin in 2021 with respect to new Schedules K-2 and K-3 required for Forms 1065, U.S. Return of Partnership Income, 1120-S, U.S. Income Tax Return for an S Corporation, and 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships.
This document contains a draft Revenue Procedure allowing an eligible partnership to file an amended Form 1065, U.S. Return of Partnership Income, and furnish a corresponding Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., to each of its partners as an alternative option to filing an administrative adjustment request (AAR).
26 CFR 601.601. Rules and regulations.
(Also Part I, §§ 6031, 6222, 6227.)
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA), enacted in December 2020, retroactively provides a recovery period of 30 years under the alternative depreciation system in § 168(g) (ADS) for certain residential rental property, as defined in § 168(e)(2)(A) of the Code, placed in service before January 1, 2018, held by an electing real property trade or business as defined in § 163(j)(7)(B), and not previously subject to the ADS. This revenue procedure explains how a taxpayer changes its method of computing depreciation under § 168(g) for such property to comply with TCDTRA. This revenue procedure also modifies Rev. Proc. 2019-08, which provides guidance under § 168(g) related to certain property held by an electing real property trade or business. Finally, this revenue procedure modifies Rev. Proc. 2019-43, which provides the list of automatic changes in methods of accounting, to expand the applicability of automatic changes for a change in use of certain depreciable property.
26 CFR 1.168(i)-4: Changes in use.
(Also Part I, §§ 163(j), 168, 446; 1.446-1, 1.163(j)-9.)
Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term tax exempt rate. For purposes of sections 382, 1274, 1288, 7872 and other sections of the Code, tables set forth the rates for July 2021.
(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)
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